Situation:

Asset Based Lending recently funded a hard money new construction loan in Southampton New York. The borrower is an experienced investor and real estate developer that has completed other successful deals with ABL. The property was purchased for $605,000 with a construction budget of $1,000,000 and total loan funded at nearly 85% LTC. Proposed build is a luxury single-family 5-bedroom, 4.5-bathroom measured at 3,493 square feet. The property will be smart-home ready and feature 10-foot-high ceilings with a vaulted ceiling in the foyer, oak wood floors throughout, and unique tiling in each bathroom. Other interior highlights will include high-end appliances, customer shaker cabinets in the kitchen, and tray ceilings in the bedrooms. Exterior highlights will include a large outdoor patio and pool. Construction is expected to take between six and eight months with final sale expected a month after completion (if property is not pre-sold).